ABA, Banking Trades Urge Congress to Increase PPP Funding

With funds from the Paycheck Protection Program expected to be fully allocated as soon as this week, the American Bankers Association joined the Bank Policy Institute, the Consumer Bankers Association and the Financial Services Forum in a letter to House and Senate leaders calling for additional funding.

“Banks of all sizes are eager to provide much-needed funding to our nation’s small businesses,” the group wrote. “While the Paycheck Protection Program has encountered challenges from the beginning, more than 4,600 lenders are participating. We call on Congress to expeditiously increase PPP funding to support lenders’ efforts, ensuring small businesses throughout our country have the opportunity to apply for and receive PPP loans.”